Myers Industries (NYSE:MYE) Downgraded by StockNews.com to Sell

StockNews.com lowered shares of Myers Industries (NYSE:MYE) from a hold rating to a sell rating in a research report sent to investors on Monday morning.

Separately, KeyCorp downgraded shares of Myers Industries from an “overweight” rating to a “sector weight” rating in a report on Wednesday, November 6th.

Myers Industries Stock Performance

NYSE MYE opened at $12.24 on Monday. The stock has a fifty day simple moving average of $12.08 and a 200-day simple moving average of $13.46. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36. The stock has a market cap of $455.88 million, a PE ratio of 29.13 and a beta of 1.22. Myers Industries has a twelve month low of $10.35 and a twelve month high of $23.63.

Myers Industries (NYSE:MYE) last posted its earnings results on Monday, November 4th. The industrial products company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The company had revenue of $205.07 million during the quarter. During the same quarter in the prior year, the firm earned $0.38 earnings per share. Equities analysts anticipate that Myers Industries will post 0.95 earnings per share for the current year.

Myers Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Tuesday, December 3rd will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend is Tuesday, December 3rd. Myers Industries’s payout ratio is 128.57%.

Insider Buying and Selling at Myers Industries

In related news, CEO Dave Basque bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was purchased at an average cost of $12.41 per share, for a total transaction of $62,050.00. Following the completion of the acquisition, the chief executive officer now owns 39,152 shares in the company, valued at approximately $485,876.32. This trade represents a 14.64 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought a total of 19,500 shares of company stock valued at $232,575 in the last three months. 1.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Myers Industries

Several large investors have recently bought and sold shares of MYE. Dimensional Fund Advisors LP increased its position in shares of Myers Industries by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,604,324 shares of the industrial products company’s stock valued at $21,466,000 after purchasing an additional 4,777 shares during the last quarter. Gabelli Funds LLC lifted its position in shares of Myers Industries by 3.9% during the 2nd quarter. Gabelli Funds LLC now owns 1,572,250 shares of the industrial products company’s stock worth $21,037,000 after purchasing an additional 58,500 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Myers Industries by 8.3% during the second quarter. Renaissance Technologies LLC now owns 1,480,597 shares of the industrial products company’s stock worth $19,810,000 after purchasing an additional 113,100 shares in the last quarter. State Street Corp increased its holdings in Myers Industries by 2.6% in the third quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock valued at $19,176,000 after buying an additional 35,456 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Myers Industries by 1.1% in the third quarter. Victory Capital Management Inc. now owns 1,034,125 shares of the industrial products company’s stock valued at $14,292,000 after buying an additional 11,434 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Company Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.